Man in Ponzi scheme pleads guilty
A former Sandpoint real estate agent has pleaded guilty to six federal felonies for a Ponzi scheme that bilked investors out of $2 million.
Dale Edward Lowell, 59, now of Colbert, faces up to 20 years in prison when he’s sentenced in October, but a plea deal approved Tuesday in U.S. District Court calls for prosecutors to ask for a low sentence and $1.7 million in restitution.
That doesn’t sit well with Jeffrey Bales of Sandpoint. His now ex-wife met Lowell when he worked as a pianist at the Church of the Nazrene in Sandpoint. The two began a secret affair, and Bales’ wife persuaded him to invest nearly $180,000 in Lowell’s investment scheme, “Dale’s Investment Club.
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